In India, hydroelectric power projects with a combined capacity of 15 gigawatts (GW) are currently in progress, with expectations to elevate the nation’s hydro capacity from 42 GW to 67 GW by the fiscal year 2031-32, representing a substantial increase of more than half of the current capacity.
Furthermore, amid the ongoing transition in energy systems, the development of Pumped Storage Projects (PSPs) holds significance as they offer enhanced grid stability and balancing capabilities. Presently, PSPs with a total capacity of 2.7 GW are being constructed, while an additional 50 GW is in various stages of development across the country. Projections indicate that the capacity of PSPs is poised to surge from 4.7 GW to approximately 55 GW by 2031-32.
In alignment with India’s ambitious commitments outlined in the Nationally Determined Contributions (NDC) under the COP Paris Agreement, aimed at reducing the emissions intensity of GDP by 45 percent from 2005 levels by 2030 and achieving 50 percent of electric power capacity from non-fossil-fuel sources by the same year, the government has taken proactive measures to expedite hydropower development.
India’s renewable energy capacity has witnessed substantial growth in recent years. As of November 30, 2021, the country’s installed Renewable Energy (RE) capacity reached 150.54 GW, while its nuclear energy capacity stood at 6.78 GW, totalling a non-fossil-based installed energy capacity of 157.32 GW, which constitutes 40.1 percent of the total installed electricity capacity of 392.01 GW at that time. This indicates India’s surpassing of its commitments made at the COP 21 Paris Summit well ahead of schedule.
Simultaneously, India is aiming to surpass its commitment to achieving more than 50 percent of its energy capacity from non-fossil sources by 2030, targeting a non-fossil fuel generation capacity of 500 GW. Transmission plans have been drafted, and bids for renewable energy capacity have been finalized to meet this objective.
The generation of renewable energy (excluding Large Hydro) nationwide has experienced consistent growth, rising from 61.7 billion units in 2014-15 to 225.5 billion units in 2023-24, representing a Compound Annual Growth Rate (CAGR) of 15.47 percent. Similarly, the installed capacity of Renewable Energy (excluding Large Hydro) has surged from 38.96 GW as of March 31, 2015, to 136.57 GW as of February 29, 2024, marking a CAGR of 14.94 percent.
